Open Europe : Daily Press Summary

[Politics.be]

Eurozone edges closer to banking union, but crucial questions remain unansweredEU finance ministers reached a broad political comprise on the general framework for the eurozone’s single bank resolution mechanism. The structure is broadly based on the German compromise position laid out over the past few days. A resolution board made up of national authorities will take decisions on resolving or winding down cross-border banks, while the European Commission will have to approve any proposals. However, the balance of power and who has the final word in case of disagreement between national supervisors and the Commission is yet to be finalised. A centralised fund worth €55bn will be phased in over the course of a decade using industry levies. However, any use of centralised European funds will require a two-thirds majority (with weights according to the ECB’s capital key) – meaning Germany, the Netherlands and Finland would together have a blocking minority. The legal base for the fund remains uncertain. An intergovernmental treaty could be used, although some member states remain opposed to this option.The rules on bank bail-ins, known as the Bank Recovery and Resolution Directive, will now come into force in 2016 rather than 2018. It remains unclear what will happen if a bank needs to be resolved or recapitalised in the interim – national funds will play a role but their use will remain under national control. Daily meetings will take place over the next week to try to ensure a deal is reached before the meeting of EU leaders on 19 December. Open Europe blog WSJ FT FT 2 Handelsblatt Reuters Deutschland

MEPs give final approval to reform of EU fisheries policy;
Wasteful fish discards to be gradually banned from 2015
The European Parliament has approved changes to the EU’s Common Fisheries Policy. Due to come into effect on 1 January, the new policy includes a gradual ban on discards – throwing away healthy fish to comply with quotas. UK Fisheries Minister George Eustice said, “Today’s vote signifies a new chapter for the Common Fisheries Policy that will make fishing more sustainable, will end the centralised one-size-fits-all approach to decision making and will make discards a thing of the past.” The Scottish Fishermen’s Federation said much of the new policy seemed like common sense, with much to celebrate, but said there was a huge amount to do to put the reforms into practice.
BBC Telegraph

IMF Director Christine Lagarde has said it is premature to declare the eurozone crisis over, calling on the ECB to take greater action. Open Europe’s Raoul Ruparel is quoted by the Telegraph as saying, “People have got ahead of themselves in thinking that Greece is really turning around. They are getting to the limits of social cohesion.”
Telegraph

EU foreign policy chief Baroness Catherine Ashton is visiting Kiev to help find a solution to the Ukrainian political crisis. Meanwhile, thousands of Ukrainian riot police launched a raid on Kiev’s protest camp this morning.
DW FT BBC

The Telegraph reports that, despite UK opposition, EU finance ministers yesterday agreed a back-paid reduction to the pension contributions of all EU civil servants worth over £3,000 each. The cost of paying EU pensions will increase by 7%.
Open Europe research Telegraph

French Finance Minister Pierre Moscovici told the FT, “There is a more negative view about France abroad than it deserves. France is the fifth-biggest economy in the world. It has come through the crisis better than most in the eurozone.”
FT

MEPs yesterday approved a rescue plan for the EU’s Emissions Trading Scheme. They voted to delay the allocation of a third of the new permits that had been scheduled to be offered in the next three years, as a way to drive up their price.
NYT

The FT reports that Chinese hackers broke into the computer systems of five EU governments ahead of the G20 summit in September, according to research from California-based cyber security company FireEye.
FT

The WSJ reports that Luxembourg and Austria have said they would only agree to implement EU rules on bank secrecy and tax evasion if the European Commission makes progress in negotiating similar agreements with Switzerland, Liechtenstein, Monaco, Andorra and San Marino.
WSJ EUobserver

European Voice reports that the European Commission has recommended placing Croatia – which joined the EU in July 2013 – in the excessive debt procedure.
European Voice Euractiv

Bron: politics.be